Cryptocurrency is taking the online casino world by storm

30-08-2018

Cryptocurrencies like Bitcoin, Litecoin and Ethereum are seldom out of the news. Their huge volatility on the money markets has those in the investment world treating them with the mixture of awe and fear that is usually reserved for some sort of rare and exotic wild animal. Meanwhile, the charismatic and mysterious developers behind them such as Satoshi Nakamoto and Vitalik Buterin have the gossip pages equally entranced.

In fact, the only area in which cryptocurrencies are not attracting much attention is in the sector for which they were invented – paying for things. Bitcoin, in particular, was created to be a new, safer, faster, more effective way to conduct digital transactions. In this age of ecommerce, you might think that this would be the most exciting part of all. However, most online retailers have yet to adopt Bitcoin as a payment method.

Online casinos and cryptocurrency

There is one sector, though, that is well ahead of the rest in this regard. The cryptocurrency phenomenon is already a familiar one among those who enjoy a spin of the reels or a game of cards online, and one cryptocurrency friendly casino after another is opening its doors, accepting not just Bitcoin but other cryptocurrencies like Ethereum and Litecoin.

So why is the online casino striding forward into the brave new world of crypto with so much enthusiasm when ecommerce giants like Amazon and eBay are dragging their heels? There is no single answer to this, but there are a number of factors that make online casinos and cryptocurrencies such an ideal match, meaning that a Bitcoin casino is the obvious choice for gamblers.

Digital currency for a digital transaction

Most ecommerce companies are constantly managing the interface between the real and virtual worlds. Consumers look online at products, make a choice on the basis of images, then send an electronic payment from their physical bank. On receipt of the order, the retailer then sends it into a real-world warehouse or distribution centre, where those who work in the realm of boxes, fork-lift trucks and delivery vans carry out the final stage.

In an online casino environment, everything takes place online. There is no physical product, players are entering a digital casino to play digital games. Doing so by staking (and, with luck, winning) digital currency is both elegant and logical.

Reducing costs and delays

Keeping everything digital is also more efficient. Transferring funds from a physical bank account or a credit card into a digital casino account is more complex from an administrative perspective than transferring digital funds. It is a little like trying to fit a square peg into a round hole. More complex means more time-consuming and, potentially, more expensive.

Every online casino is different, but typically, if you compare payment methods you will see that at a Bitcoin casino, funds are transferred instantly and with zero fees. That’s something that few of the casinos that only work with traditional currencies can match.

Account security

If you are conducting any sort of financial transaction online, you need to be confident that your personal account details are safe and secure. With current online encryption technologies, any professionally operated online casino will take security seriously. In fact, it is reasonable to say that your money is far safer when you are playing online than it would be if you were walking around in a real-world casino with a wallet full of cash. However, the blockchain technology that underpins Bitcoin ramps up this security exponentially.

The nature of blockchain in itself makes Bitcoin the most secure currency ever, but there is the additional factor that by using a Bitcoin wallet, you do not have to disclose or share your private banking details at all – you can’t get any safer than that.

A little privacy

If you ever get tired of the feeling that Big Brother is watching your every move in the modern age, a Bitcoin casino is definitely for you. When you play with Bitcoin all you need is a username and an associated Bitcoin wallet. Nobody cares who you are or where you come from, and nobody asks. These days, that comes as a genuine breath of fresh air.

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